Connect with us

Business

BIHL lets women run the show

Published

on

Botswana Insurance Holdings Limited (BIHL), the country’s principal diversified insurance and asset management group, has lined up all its most powerful positions with women, from Chief Executive to board chairperson, Business Trends has observed.

All indications are that starting next year, at least three most powerful and influential posts will be occupied by women. As a matter of fact, BIHL Chairperson is Batsho Dambe-Groth. As the BIHL Chairperson, Groth is the main lady when it comes to drafting, approval and execution of the group’s strategy.

BIHL is insurance and asset management behemoth. The company, which is owned in majority by Sanlam, is a market leader in many respects. Its wholly owned subsidiary – Botswana Life – controls more than 70 percent of the industry.

Come April 2016, current Botswana Life boss, Catherine Lesetedi-Letegele will walk across the block at Fairgrounds offices, to assume the BIHL top post on the other side.She will be replacing Malawian-man Gaffar Hassam. Hassam is leaving for a much more challenging and rewarding position as group executive at Sanlam Emerging Markets (SEM). As BIHL boss, Letegele will most likely be the most powerful corporate lady in Botswana’s private sector.

Apart from the mouthwatering perks that come with the post, Letegele will be leading a BSE-quoted business, which has a market value of P4, 2 billion. The group is now 40 years old, and it has promised to continue to lead the pack.

BIHL has investments across the economy through its several subsidiaries. At BIFM, the group’s asset management subsidiary, Neo Bogatsu has just received the nod to lead the multibillion Pula Company. It is an early Christmas present for her. She assumed the top post on the 1st December 2015.

As the Chief Executive of this company, Bogatsu is the go to lady for above normal rate return on investments for products such as unit trusts, savings, assets management and capital market investments in the country.

Bogatsu will be heading a trailblazing business with asset under its management totaling P20, 5 billion as of June 2015. In yet another development, which will add to the growing list of women in top posts at BIHL and its subsidiaries, Bilkiss Moorad has been roped in to deputise outgoing Botswana Life boss, Letegele. The post is new at the company.

Moorad, an insurance stalwart is likely to head the company when Letelege bids the firm goodbye early next year, sources have said. Moorad is a former manager at Zurich Insurance company.

Continue Reading
Comments

Business

‘Manufacturing holds key to economic growth’

Published

on

Barclays bank’s economist Naledi Madala has urged the country to consider manufacturing, as a key tailwind to drive the economy and reduce inequality.

She was speaking at a gathering organised by the bank which focused on economic outlook for 2019. “We should not make a mistake of leapfrogging without manufacturing,” said Madala, lamenting that the country’s diversification remains a pipeline dream, as the diamond is still the economy’s mainstay. She bemoaned that mining activities in the country could not spring forward diversification, though non-mining GDP has been steady over the years.

“Extractive industries are not good stepping stones for diversification, the sector does not prepare us for the next step,” said Madala at the Barclays’ Economic Outlook Forum Review 2019. The economist further noted that government should confront head-on challenges of productivity and competitiveness to attract the much needed Foreign Direct Investment (FDI). Though diversification efforts continue to hit a brick wall, Madala said the country should expect increased activities in the mining sector hinged to ramp up in coal production in the year ahead.

She also implored government to consider a welcoming attitude towards foreign investors and generous tax incentives to businesses that set up in the country. Madala is also upbeat that the use of public private partnership model could also help diversify the economy coupled with privitisation. “Privitisation will offer opportunities for growth, through the renewed optimism from government, as business confidence has improved,” said Madala.

She implored the government and the business community to access what is going to drive and hinder growth highlighting that key headwinds to growth are income inequality, diversification challenge and productivity, among others. “The pace of poverty reduction has slowed down, while income inequality goes up,” said Madala

Continue Reading

Business

MINISTER BEWAILS BAD REPAYMENT BY YOUTH

Keikantse Lesemela

Published

on

Minister of Youth Empowerment, Sports and Culture Development, Tshekedi Khama has told parliament his ministry continues to face challenges on the repayment of Youth Development Fund (YDF) loans.

Recently presenting the budget to Parliament, Khama said this financial year the ministry has received a total of 2582 YDF applications and approved 983of them to the value of P98 million. He said the programme attracts a high level of interest from youth but the ministry is only limited to funding a maximum of 1200 youth projects annually due to budget limitations.

“However the greatest challenge for the Fund is the repayment of the loan component by the majority of the youth businesses. The youth have advanced number of challenges for this including high rentals for operating spaces, low market access owing to tight competition and limited production capacities,” said Tshekedi, adding that they continue to pursue beneficiaries to repay the loans.

Out of the 919 businesses funded 1058 jobs have been created. The minister highlighted that disbursements of funds will continue to be undertaken until the end of the financial year. “The YDF is currently under review in line with the pronouncement made by the President, Dr Mokgweetsi Masisi in the State of the Nation Address, to improve beneficiaries through training, and encourage consortia and cooperatives,” said Tshekedi.

The ministry assists YDF beneficiaries in marketing their products and services through fairs and exhibitions. The ministry also runs entrepreneurship-training seminars for youth and in the past year 3692 young people were trained. Over 600 youth businesses attended fairs and exhibitions to market their products and services. Currently the ministry is collaborating with Local Enterprise Authority (LEA), First National Bank Botswana and Citizen Entrepreneurial Development Agency (CEDA) on training in entrepreneurship development and mentorship of YDF beneficiaries.

Continue Reading

Trending